Resolution CR201810 Authorization to Obtain Tax Anticipation Note

May 22, 2018

A RESOLUTION OF THE BOARD OF COMMISSIONERS OF BUTTS COUNTY TO AUTHORIZE OBTAINING A TAX ANTICIPATION NOTE; TO AUTHORIZE THE COUNTY ADMINISTRATOR TO OVERSEE ALL PROCESSES; TO AUTHORIZE THE CHAIRMAN TO SIGN THE RESOLUTION; TO AUTHORIZE THE CLERK OF BUTTS COUNTY TO ATTEST ALL DOCUMENTS; AND FOR OTHER RELATED AND LAWFUL PURPOSES.

WHEREAS, Butts County is a duly created and validly existing political subdivision of the State of Georgia under the Constitution and laws of the state of Georgia; and

WHEREAS, the Butts County Board of Commissioners, the governing body of the county charged with contracting debts and managing the affairs of the governing body has determined that it is in the best interest of the County to pay current expenses in anticipation of the receipt of taxes levied or to be levied for the County’s general fund; and;

WHEREAS, the County is authorized by Article IX, Section V, Paragraph V of the Constitution of the State of Georgia and Section 36-80-2 of the Official Code of Georgia Annotated, to borrow money to pay current expenses during any calendar year and to evidence such borrowing by issuing tax anticipation notes in anticipation of the receipt of taxes levied or to be levied for the General Fund for expenses payable in such calendar year; and

WHEREAS, it has been determined that the County will need to secure a Tax Anticipation Note up to a principal amount not to exceed $5,000,000.00 (Five Million Dollars); and

WHEREAS, it is currently undetermined at which point in the current calendar year it shall become necessary to issue such Tax Anticipation Note and will rely on the discretion and best judgment of the Chief Financial Officer and the County Administrator, now therefore be it;

RESOLVED, the Commission hereby declares that the foregoing preamble and whereas provisions set forth hereinabove constitute, and shall be considered to be, substantive provisions of this Resolution and are hereby incorporated by reference into this provision.

BE IT FURTHER RESOLVED the Commission, through this Resolution, does hereby authorize the County Administrator to initiate the process of securing a Tax Anticipation Note upon the advice and concurrence of the Chief Financial Officer, at such time as it is deemed necessary to begin this process and to secure said funding from either a). an authorized and licensed financial institution having offices or branch offices within the State of Georgia and currently doing business within the State of Georgia, or b). other funding sources of the County, including SPLOST proceeds as allowed by law, and;

BE IT FURTHER RESOLVED that the Board authorizes the County Administrator or their designee to oversee all processes of this request, under the advice and counsel of the County Attorney and the Chief Financial Officer at such time as the process is initiated, and;

BE IT FURTHER RESOLVED that this Resolution shall be in full force and effect immediately upon its adoption by the Butts County Board of Commissioners and that any and all resolutions or parts of resolutions in conflict with this Resolution shall be, and they, to the extent of such conflict, hereby repealed, and;

BE IT FURTHER RESOLVED that the Board authorizes the Chairman of the Board of Commissioners to sign this Resolution on their behalf and to authorize the Clerk of Butts County to attest all signatures and spread this resolution upon the minutes of the Board of Commissioners